Safe and Sound

MYCOM

MYCOM is an NCUA-insured credit union founded in 1955 and currently based in PITTSFIELD, MA. The credit union has assets of $18.2 million, according to December 31, 2017, regulatory filings.

With 5 full-time employees, the credit union has amassed loans and leases worth $7.7 million. MYCOM's 2,239 members currently have $15.9 million in shares with the credit union.

Overall, Bankrate believes that, as of December 31, 2017, MYCOM exhibited a good condition, earning 4 out of 5 stars for safety and soundness. Here's a breakdown of how the credit union did on the three important criteria Bankrate used to score American credit unions.

THE INSTITUTION'S SCORE

Capital Score

Capital acts as a buffer against losses and provides protection for members when a credit union is struggling financially. It follows then that when it comes to measuring an a credit union's financial fortitude, capital is key. When looking at safety and soundness, more capital is preferred.

MYCOM beat out the national average of 15.65 points on our test to measure the adequacy of a credit union's capital, racking up 16 out of a possible 30 points.

MYCOM's capitalization ratio of 16.00 percent in our test puts it right in line with the average for all credit unions.

Asset Quality Score

This test is intended to estimate how the credit union's loan loss reserves and overall capitalization could be affected by problem assets, such as past-due mortgages.

Having lots of these types of assets means a credit union could eventually have to use capital to cover losses, decreasing its cushion of equity. Many of those assets are also likely to be in non-accrual status and thus aren't earning interest for the credit union, diminishing earnings and elevating the chances of a failure in the future.

On Bankrate's asset quality test, MYCOM scored 40 out of a possible 40 points, beating the national average of 38.09 points.

A lower-than-average ratio of problem assets of 0.00 percent in our test was potentially indicative of greater financial strength than other credit unions.

Earnings score

A credit union's ability to earn money has an effect on its safety and soundness. Earnings may be retained by the credit union, increasing its capital cushion, or be used to deal with problematic loans, potentially making the credit union more resilient in times of trouble. Conversely, losses lessen a credit union's ability to do those things.

On Bankrate's test of earnings, MYCOM scored 8 out of a possible 30, coming in below the national average of 10.11.

MYCOM had an earnings ratio of 0.00 percent in our test, higher than the average for all credit unions, suggesting that it's outperforming its peers in this area.

Bankrate.com's Safe & Sound Ratings provide a star rating system to evaluate the current financial status of financial institutions. The information gathered about banks, credit unions and thrifts is updated as set forth in the Terms of Use of Safe & Sound Ratings and Reports. The Safe & Sound Ratings information is grouped by categories of banks, thrifts and credit unions.

Scoring methodology

Bankrate.com evaluates the financial condition of institutions and assigns a one- to five-star rating for each with five stars representing the highest rating. Institutions with satisfactory performance will generally receive a rating of three or more stars. The majority of institutions fall into the three- to four-star range. An institution with an "NR" rating may be too new to rate or may have limited the publicly available information in their regulatory filings. The "NR" is not an indication of financial strength or weakness. The Safe & Sound rating is believed to be reliable, but the information is not guaranteed. In addition, events since the information was collected may have altered the institution's financial condition.

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